1793 1C Liberty Cap, S-13, B-20, Low R.4, AU55 PCGS Secure.
There are only about 300 surviving 1793 Liberty Cap cents in all
grades from a mintage usually reported as 11,056 pieces.
Furthermore, the typical survivor is low quality, usually AG to
Fine. Del Bland and Bill Noyes each grade this example XF45, and we
agree with that EAC grading assessment. Based on EAC grading and
the Bland Census, this piece is tied for the fourth finest 1793
Liberty Cap of any variety, and only 21 pieces appear in that
roster for grades of VF30 or finer. Noyes also ranks this piece in
a fourth place tie among all varieties of 1793 Liberty Cap cents,
and records 19 pieces that grade VF30 or finer. The average
certified grade of 130 submissions of 1793 Liberty Cap cents is
just 17.4. PCGS and NGC combined have graded two Mint State pieces
and three AU55 examples, with average certified grade figures
always biased toward higher grades.

William Strobridge called this piece a "proof" in 1871:

"Has the cap of Liberty behind the head. A proof
impression, quickly rescued from circulation, but not until it had
received sundry microscopic scratches on the principal side; the
rev. is strictly fine proof; on the
whole much the finest 'Liberty Cap' which the writer remembers to
have seen; highly desirable and rare."

Plated in the Beckwith Collection, Samuel Hudson Chapman wrote:

"Uncirculated except for a few very minute nicks and
the slightest rubbing of the hair on obverse. Magnificent
impression with margin outside of borders on obverse and
reverse."

Dr. William H. Sheldon cataloged the Dupont Sale in 1954, and
called this piece Uncirculated:

"Uncirculated. One of the six top examples and as sharp
and bold as any known. Magnificent light olive and golden brown.
Reverse is just a shade away from mint red. Few minute nicks on
cheek and hair, and one above T on obverse rim. Reverse is
flawless, the slight roughness in center a result of rust on the
die; this is visible on several other 12-L's in similar condition.
From the Beckwith collection, Lot 3, at $330.00 in 1923. Just about
equal to the Cleneay-Bement-Ellsworth-Atwater coin, now in the
Eliasberg collection, which brought a runaway price of some
$2000.00 in 1946. Fully equal to the Dr. French, Clapp, Sheraton
and Hines coins, all of which can be graded between 55 and 60 in
condition."

Sheldon's commentary about comparison with other coins is
interesting. Apparently he was not aware that this coin is the Dr.
French coin, and that the Sheraton and Hines coins represented a
single specimen, a coin that Sheldon himself purchased indirectly
from Hines, via Carl Wurtzbach, and sold to the owner of the
Sheraton collection. Sheldon's "top six" coins include the
Atwater-Eliasberg Mint State coin, the Hines-Sheraton AU, the
present XF45 example, and the Clapp-ANS XF specimen. He was
apparently unaware of the Garrett AU example.

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